Dow Wins $2B In Fight Over Axed Kuwait Petrochem Venture

Law360, New York (May 24, 2012, 1:45 PM EDT) -- Kuwait's state-owned petrochemical company must pay Dow Chemical Co. $2.16 billion for cancelling a planned plastics joint venture just days before it was set to launch in 2008, Dow said Thursday, announcing an arbitration award that closes a four-year fight.

The International Court of Arbitration found Petrochemical Industries Co., a subsidiary of Kuwait's national oil company, was liable for damages when it pulled the plug on K-Dow Petrochemicals, a $17 billion partnership to produce polyethylene and other oil-based chemicals.

The court did not immediately return requests...
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